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Rand softer‚ flirts with R9/US$

The rand remained under pressure at noon on Thursday moving a little bit closer to the R9 to the greenback level due to US markets being closed for Thanksgiving.

“The rand is under pressure‚ but continues to stay this side of the R9 per dollar level‚ after touching it briefly last night. The interest rate announcement later today will have no real affect on the rand as no interest rate cut is expected‚” a currency trader said.

Graphic: renjith krishnan

Markets have been quiet today as participants are focussed on the SA Reserve Bank interest rate announcement at 3pm this afternoon.

At 11.58am‚ the rand was bid at R8.9734 to the US dollar from Wednesday’s close of R8.9695.

The local currency was bid at R11.5301 to the euro from its previous close of R11.5394 and at R14.3119 against sterling from R14.3186 before.

The euro was bid at $1.2849‚ from Wednesday’s close of $1.2860. - I-Net Bridge

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